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The Baltimore Sun Jay Hancock Column.
Knight Ridder/Tribune Business News, November, 2003
By Jay Hancock, The Baltimore Sun Knight Ridder/Tribune Business News
Nov. 26--MEDICARE DRUG PLAN WON'T BE EASY TO SWALLOW: The promise of the Medicare drug plan for seniors passed by Congress yesterday is exceeded only by its simplicity.
How's this for simple?
The program, which won't take effect until 2006, costs $35 a month in premiums. That is, you pay $420 a year before you swallow your first Xanax, Prevacid or Levitra.
Then there's a $250 deductible. So that's $670 so far and the plan hasn't even paid for a tummy-ache capsule.
Once the deductible is exceeded, Medicare starts covering your prescription expenses. But only at 75 percent. And only up to $2,250.
After that, the coverage stops working again....
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